AXT (NASDAQ:AXTI) Hits New 52-Week High – Here’s Why

AXT Inc (NASDAQ:AXTI) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $27.15 and last traded at $27.5610, with a volume of 1478213 shares changing hands. The stock had previously closed at $24.06.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Craig Hallum reissued a “buy” rating on shares of AXT in a research report on Friday, January 9th. Wall Street Zen cut shares of AXT from a “hold” rating to a “sell” rating in a report on Saturday, January 17th. B. Riley Financial lowered shares of AXT from a “buy” rating to a “neutral” rating and lifted their price target for the company from $9.00 to $18.00 in a research note on Friday, January 9th. Needham & Company LLC downgraded shares of AXT from a “buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, Wedbush set a $7.00 target price on AXT and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.75.

AXT Stock Performance

The company has a market capitalization of $1.52 billion, a P/E ratio of -52.04 and a beta of 1.96. The stock’s fifty day moving average price is $17.37 and its 200-day moving average price is $9.42.

Insider Buying and Selling

In other news, Director David C. Chang sold 25,000 shares of AXT stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $14.84, for a total transaction of $371,000.00. Following the completion of the transaction, the director directly owned 132,744 shares in the company, valued at approximately $1,969,920.96. The trade was a 15.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Morris S. Young sold 35,000 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $12.05, for a total value of $421,750.00. Following the completion of the sale, the chief executive officer owned 2,495,564 shares in the company, valued at approximately $30,071,546.20. This trade represents a 1.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 143,130 shares of company stock valued at $1,713,221. Insiders own 8.80% of the company’s stock.

Institutional Trading of AXT

Several hedge funds and other institutional investors have recently modified their holdings of AXTI. Acadian Asset Management LLC raised its holdings in AXT by 2.8% in the 1st quarter. Acadian Asset Management LLC now owns 293,818 shares of the semiconductor company’s stock valued at $412,000 after acquiring an additional 8,039 shares during the period. Creative Planning bought a new position in shares of AXT during the second quarter worth approximately $86,000. White Pine Capital LLC lifted its holdings in AXT by 2.8% during the 2nd quarter. White Pine Capital LLC now owns 860,411 shares of the semiconductor company’s stock worth $1,798,000 after purchasing an additional 23,467 shares during the last quarter. XTX Topco Ltd bought a new stake in AXT in the 2nd quarter valued at $42,000. Finally, Assenagon Asset Management S.A. grew its holdings in AXT by 12.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 22,952 shares of the semiconductor company’s stock valued at $103,000 after buying an additional 2,540 shares in the last quarter. Institutional investors own 49.52% of the company’s stock.

AXT Company Profile

AXT, Inc (NASDAQ: AXTI) is a global supplier of compound and single-element semiconductor substrates, offering a range of materials critical for high-performance electronic and optoelectronic devices. Founded in 1986 and headquartered in Fremont, California, AXT specializes in the development, manufacture and distribution of wafers composed of gallium arsenide (GaAs), indium phosphide (InP), gallium nitride (GaN) and other compound semiconductor materials. These substrates serve as the foundational platforms for devices used in data communications, wireless infrastructure, advanced computing, consumer electronics and photovoltaic applications.

AXT’s product portfolio encompasses a variety of wafer sizes, dopant concentrations and crystal orientations, tailored to meet the precise specifications of its customers.